('Mojag pakorlein In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 2022 $3,150,000 $2,475,000 2,250,000 3, 100, 000 3,100,e00 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,100,000 5,400,000 2,150,000 1,875,000 4,750,000 5,025,000 Westgate recognizes revenue over time according to percentage of completion.
('Mojag pakorlein In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 2022 $3,150,000 $2,475,000 2,250,000 3, 100, 000 3,100,e00 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,100,000 5,400,000 2,150,000 1,875,000 4,750,000 5,025,000 Westgate recognizes revenue over time according to percentage of completion.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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